Questions re STR around Orlando, FL

[Arthur Chu]

Hi all, I am looking to get an STR property in Kissimmee/ Davenport (Orlando area) and had a few questions:

1. What is the most reliable zoning resource for properties where STR is allowed or what is the best way to confirm if a property on market is STR approved during the screening process?

2. It seems most of the properties have HOA, even though a single-family home. I worry about HOA changing STR rules or having restrictions on renovations etc.

3. What is the best way to get a sense for the Average daily rates/ annual income from the STR property? Wonder how reliable are AirDNA and Rabbu?

4. It seems the market is pretty saturated in Orlando, FL. Any ideas on how to increase the Cash on cash for STRs there? 

Appreciate any thoughts. 

[Ryan Moyer]

Quote from @Arthur Chu:

Thanks @Ryan Moyer @Shawn McCormick! Was wondering - considering the macro economic trends, next year if the vacation rental rates have to be dropped dramatically and the COC doesn't make sense for an STR, do these custom-made vacation communities have any restrictions to use as an LTR as an exit plan. Thanks.

 I don't think there's any rules against it, but I don't know for sure.  But honestly it's not very relevant anyway.  I know it's a popular thing for people 3 years out of date on market trends to say "make sure you can fall back on using it as an LTR if you need to" but, like I said, they're just parroting 3 year old info that is really no longer relevant.  

It's maybe possible/relevant if you're buying in a non-vacation market where regulations are the main concern and prices are still based on what people are willing to pay for a primary residence there. But in established short term rental vacation markets like Disney or Gatlinburg the homes are priced to be STRs. They don't even come close to making sense as a LTR. Even if you can legally rent it as a LTR an 8br themed home in one of those resorts would rent for what, $3000/mo as a LTR? On an $850k mortgage (not to mention the theming/setup costs) that's not going to help. If the STR market gets so bad that we're having to fall back on $3000/mo as an LTR for a million dollar house, we're all screwed.